How Much Is That Award Really Worth?
How Much Are These Awards Worth?
The Nobel Prize
Of all the most world’s most famous golden awards, Nobel Prize medals are the only ones that are made of solid gold. Most other awards are made of some mixture of bronze, copper, or tin and covered in a gold plate. Famous awards might only cost several hundred dollars apiece to create, but the rippling effect of winning that award for the recipient makes that award worth more than its weight in gold.
The Emmy
The Emmy statuette weighs almost 7 pounds and is handcrafted from copper, nickel, and gold. However, in the TV industry an Emmy award could be worth millions in advertising money. A show that wins an Emmy award can use that award as leverage when setting the cost of commercial time. An actor or actress that wins an Emmy award can also use it to negotiate a bigger paycheck with the show they are currently on, and it can also help them land bigger and more lucrative roles in the future.
The Grammy
A sampling of performers and producers shows a “Grammy Bounce” of at least 55% in concert ticket sales and producer fees during the year following a Grammy win. Music video director David Rousseau says he knows songwriters and producers who’ve gotten a 100-150% earnings boost after a Grammy win. “In the year after grabbing Grammy No. 1, crooner Bruno Mars’ average nightly gross swelled from $130,000 to $202,000 (+55%).”
The Oscar
CBS Moneywatch reported that each Oscar, made of gold-plated pewter, costs about $400 to make. Forbes reported that Oscar winners sign an agreement saying that neither they nor their heirs will sell their statuettes without giving the Academy first chance to buy them back at the price of $1. This agreement has existed since 1950, and any winner who won’t sign it won’t get their award. Yet even with that clause in place, about 75 statuettes are believed to have been sold; the going price in the open market is as much as $1.5 million and Oscar statuettes rarely sell for less than $60,000.
CBS reported that the Best Picture winners net an extra $14 million in box office revenue after their win, on average, and actors get about a 20% boost in pay in their next film after winning Best Actor or Actress.
Golden Globes
A Golden Globe statue costs about $800 to manufacture, yet a Golden Globe win is worth $14.2 million on average for the movie. Even movies that are nominated, but don’t win, see a huge boost in revenues.
As you can see by the numbers, the award itself may not be worth much but the lasting impact of winning such a prestigious award could be worth millions to the recipient. Maybe your own company’s recognition awards don’t cost much in terms of actual dollars and cents, but you can make your own staff feel like a million dollars with a custom recognition award.
